江西沐邦高科股份有限公司

Group 1 - The company estimates the Levered Beta for Inner Mongolia Haoan Energy Technology Co., Ltd. to be 1.4592 based on its capital structure ratio [1] - The expected equity return rate calculated using the CAPM formula is 12.09%, with a risk-free rate of 1.68%, a market risk premium of 5.76%, and a specific risk of 2% [2][30] - The weighted average cost of capital (WACC) for Inner Mongolia Haoan Energy Technology Co., Ltd. is determined to be 9.49% [3] Group 2 - The recoverable amount of the long-term asset group for Inner Mongolia Haoan Energy Technology Co., Ltd. is assessed to be 51,712.67 million yuan as of December 31, 2024 [6] - The impairment test indicates that the carrying amount of the long-term asset group is 66,106.15 million yuan, with the recoverable amount being higher than the present value of future cash flows [6][33] Group 3 - The company is currently constructing a 5,000-ton intelligent silicon purification recycling project, which has faced challenges due to substandard trial production results and a downturn in the photovoltaic industry [7][10] - The project aims to reduce the absolute consumption of polysilicon raw materials and achieve a green circular economy by recycling silicon waste [11] Group 4 - The company plans to continue the construction of a 10,000-ton intelligent silicon purification recycling project, which aligns with its strategic goal of cost reduction across the industry chain [34] - The second-generation purification furnace has been developed, showing significant improvements in energy consumption and production efficiency compared to the first generation [35] Group 5 - The company has signed agreements for multiple projects, including a 5GW N-type high-efficiency battery chip production base and a 16GW N-type high-efficiency single crystal silicon rod project, with significant investments planned [37][39] - The company is currently facing challenges in project execution due to market conditions and is in discussions with local governments regarding project adjustments [40] Group 6 - The company has made substantial prepayments for raw materials and services, which are essential for its operational needs, and these prepayments are aligned with industry practices [44][50] - The company is under audit scrutiny regarding its prepayment practices and the potential for funds to flow to related parties, with ongoing evaluations to ensure compliance with accounting standards [56][57] Group 7 - The investment in Jiangxi Donglin Investment Co., Ltd. is aimed at securing a stable supply chain for silicon materials, which is critical for the company's production of silicon rods and wafers [61][63] - The collaboration with Jiangxi Donglin is expected to enhance operational efficiency and provide strategic support for the company's long-term development in the photovoltaic industry [64]